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and senate signed a bill to suspend the debt ceiling until may. that is called suspending the debt ceiling, you raise the debt ceiling so you put a lid on what the government can spend. when you reach your credit, they will give you another thousand dollars and that is new limit. what has now happened is capitol hill has suspended that limit, now you are going to american express card with no limit and you have given the president no limit until mid may? >> i don't think american express would like the comparison because it couldn't be as bad. [ laughter ] >> but they are limited by the appropriations process and house and senate under the constitution have the power of the purse. he is not supposed to spend important. having said that, you are right. it's a huge problem. we should not extend the debt limit again. what is coming up, it may be four to six months unless there are legally spending cuts. i proposed that legislation. it got a lot of votes on the floor but it's simple idea. reduction of spending for every dollar increase in debt limit and you get to balanced budget over ten year
the debt ceiling doesn't kick in till august, i believe that's what we'll have, but let's add these together. let's say you're right, 30 billion. but let's -- jobs overseas, we can dial that however we want because it's all -- a huge loss of revenue, corporate jets, tehre are all kind of things that are low-hanging fruit. >> you've heard the republicans across the board here. they're saying they're done with revenues for 2013. >> george, the american people are on our side. the american people don't believe in these austere things. we believe that the rich should contribute. we believe we should fill those tax loopholes, get rid of them, i should say, and that's where we need to go. >> but that's a debate that's been had, as you know, for the last couple of months, last couple of years and doesn't appear it will get solved next month so the sequester will hit. >> george, that's what they said two or three days before the fiscal cliff. no revenue. well, we got about $700 billion in revenue. there's still more we can do. >> are you saying that for -- to lift the sequester, first
with this sequester, it was a total disaster for them. then they decide not to fight on the debt ceiling and they need to move the attention on to something else. say they do have leverage elsewhere. so they have chosen sequester and put up a very brave face on it. it's possible they could convince themselves to let it actually happen but the idea that they get some sort of significant political gain from it, these are cuts they hated and they hated in large part because they hurt things they care about. so to permit the sequester to go forward on that kind of rationale is not a political win, not a policy win. everybody is losing. >> the "new york times" op-ed says more than a million jobs are on the line if this deal isn't made. a quote saying the losses will soon spread as contracts to states and cities are cut, education and police grants are cut, and payments to medicare providers are cut, even the aid just approved to victims of hurricane sandy will fall under the sequester's act. americans are about to find out what happens when an entire political party demands deficit reduction at all costs b
amini fiscal cliff but this morning, there is a resolution in the debt ceiling debate, at least for now. we'll have the details coming up next. >>> d.c. is a town known for its d.c. formalities and fancy culture but it has always had an impressive music scene too. we'll show you how an impressive piece of it is being honored. [ male annncer ] pillsbury grands biscuits. delicious. but say i press a few out flat... add some beef sloppy joe sauce... and cheese fold it all up and boom! i just made an unbeatable unsloppy joe pillsbury grands biscuits. let the making begin. faster than mandy can hang up on mr. monday. you hang up first. [ female announcer ] in just 60 seconds, you've got snack-defying, satisfying totino's pizza rolls. [ ringing ] it's on. let's roll. >>> the senate has approveda bill to temporarily let the government keep borrowing money. the bill postponed the debt ceiling debate until the middle of may. it is call the no budget no pay bill that requires lawmakers to pass a budget or their paychecks will be withheld. the white house says president obama will immediately sign
several times in 2011 and 2012 in excomping for republicans agreeing to raise the debt ceiling and they were pushed off again during the year-end fiscal cliff negotiations. why another short-term deal? the president seems to believe that wear just going to buy a little bit more time that maybe congress with finally come to some resolution on a larger package. but for their part, republicans are saying perhaps maybe now it is time to pay the piper. back to you. >> thank you. >>> in our top stories, a partial win for virginia governor bob mcdonnell's plan to overhaul the state transportation funding. yesterday, the senate deadlocked on a deal while the house approved a $3.1 billion transportation proposal. at the center of the bill getting rid of the 17-cent gas tax and replacing it with an increased sales tax. senate can now amend or kill the house version of the bill. virginia is joining maryland and d.c. with a ban on texting behind the wheel. senate and house lawmakers have approved bills that would make day primary offense meaning you can be ticketing for texting and driving
that was not taking place from the president's budget to the raising of the debt ceiling and creating the select committee, no evidence we were able to achieve something. while i have not walked away from those issues, i did see the conclusion, maybe there is a different approach to getting our country out of the fiscal condition it is aimed, growing the economy, job creation. at about that time, a report from kansas city is devoted to entrepreneurship. that landed on my desk with recommendations about what washington might do in order to enhance the chances that the united states is and would remain a country of entrepreneurs. we took those ideas and began the process of drafting legislation. at about that time, senator wide and introduced himself and said i have an issue that might be of interest to you. would you care to team up with me? we spent a short amount of time analyzing the issues of sopa and pipa and realizing much of the job growth and the additional revenues to the treasury or occurring because of the innovation of the technology sector. certainly start of companies can be from th
the debt ceiling in 2011. >> but they now say it was the president who is responsible. >> exactly. they voted for this. >> and paul ryan runs a marathon in less than one hour. >> i thought it was like 20 minutes. he's superman. this is what they wanted. >> of course. congressman, here is another apparent contradiction you might like to clear up for us. on the one hand, you have eric cantor out there giving a speech on making life work. he sounds like tony robbins or something. he's trying to sell yet another iteration of the republican party, but when you strip away the soft smile and the cadence, he'd happily slash every one of those programs that you just went through, wouldn't he? >> oh, absolutely. eric cantor despite all of the covering in the near is definitely proposing budgets that are hostile to middle and low income people. and particularly to vulnerable people, but not only that, you know, programs like s.n.a.p. actually give people money they can spend at the store that allows the store to hire people. eventually the programs they cut will hurt the people who are emplo
for the federal government's ability to borrow new money. the measure will suspend the $16.4 trillion debt ceiling until the middle of may. the bill also requires members of the house and senate to pass a budget by mid-april or risk having their own pay withheld. >>> the dow's bounce above 14,000 didn't last long. worry about europe dragged the market down yesterday, the biggest losses of the year. the dow was down 129. the nasdaq lost 48. in the previous session, the dow had hit its highest level in years. >>> the u.s. government plans to file a civil lawsuit against the ratings agency standard & poor's. the suit accuses the firm of giving high ratings to risky mortgage bond and led to the 2008 financial crisis. s&p says the suit is without merit. >>> medical marijuana has been legal in california since 1996. but now some cities are banning the dispensaries. a ruling will soon determine how far state law can go to protect their right to do business. the state supreme court will hear arguments today on whether local governments can ban them. right now a
. the last time the debt ceiling fight, president obama got what he wanted by refusing to negotiate. now the top republican up here on capitol hill john boehner is taking the hard line and letting the president know it. president obama was rallying democrats for the battle over defrs cuts when house republicans sent him a message. the symbolic vote he detail how he would cut the deficit to avoid the automatic spending cuts next month. >> mr. president, you missed the deadline again. let's see your plan. let's show it to the american people and have the discussion about the proper way to manage down this debt and deficit. >> reporter: without a budget deal on march 1st so-called sequestration will force reductions in military training, cutbacks in operations, and layoffs of civilian pentagon employees plus civilian defense contractors. >> it's an idiotic management nightmare to try to run a complex sophisticated, long-term program when you have short-term, massive cuts. >> reporter: deep cuts also loom in social services. outgoing defense secretary panetta slammed democrats and republican
and 2012 in exchange for republicans agreeing to raise the debt ceiling. they were once again pushed off for of -- 60 days as part of the fiscal cliff negotiations. the president believes he can buy more time and perhaps lawmakers will come to an agreement and so he is pushing for yet another short-term deal. but there are some republicans here on capitol hill that say maybe they are willing to let the sequestrations, these automatic cuts kick in because they believe there has been too much kicking the can down the road and they think this may be the only way to achieve true deficit reduction. duction. back to you guys. >> time is running out quickly. thank you. >>> d.c. mayor vincent gray focused on the successes of the city during his third annual state of the district address. last night's speech was held at the sixth and i historic synagogue in northwest. the mayor rolled off a number of achievements that he says prove the district is well on its way to being a big league world class city. he touted a drop in climb, unprecedented development and the creation of 2,000 private sexer j
the debt ceiling. if republicans had gone into this issue and said they would not raise the debt ceiling unless they got cuts, there would have lost that the raid at the end. big loss that debate. john boehner and paul rand did a great job together. you cannot govern from that office, you but you have to be very careful about high-profile last-minute negotiations. i've worked in the white house and three administrations. the president has a tremendous institutional advantage in these kinds of fights. what republicans have to do is avoid these fights, the straps that they are laying. provide an alternative through passing legislation, just to show this is how they would govern if they had the powers of the presidency and the senate. and be careful. there are some rough edges. host: some are not strategy as far as moving the debt ceiling ahead. guest: if they had gone ahead with it, it would have been politically cataclysmic. it was the worst percival -- worst possible ground to make their point. president obama 1. i think it's absolutely crucial for the future of the country that you cann
depress the consumer confidence. so has the behavior of washington. we've had the debt ceiling suspended, another budget baths to go through. so investors, businessmen and even individual investors and consumers are still somewhat haunted by what's happening in the nation's capital. >> and if we could put the markets gain back up, we had seen it go above 14,000 earlier this morning. it's -- >> right there. >> right there, right now. okay. so this hasn't happened since '07. >> early october, the all-time high, 14,164. standard & poor's, 1465. we're within striking distance of both. and that's a good sign. the stock market is performing well. the bond market is performing as expected, if the economy is recovering and so are other markets. and the indicators i look atom as, actually quite positive. none showing signs of strain, the future economic prospects better than the past. so for now markets are tell us things are all right. that may change sometime in the future but looks good at this at the moment. >> and ron made fun of my ravens -- >> absolutely. >> see this? ravens-theme note pap
twice. on the debt ceiling and they blinked again on the budget. and delaying the sequester. you are right. i think obama -- obama don't you get the sense obama feels that now? >> yeah. >> feels the power more? >> absolutely. >> or willing to use power more? >> and willing -- feels he can have, if they have an apocolyptic showdown he will win it. they feel that, too. they don't emerge from the fights stronger. if, god forbid, they go over one of these cliffs it totally cleared whoever has the stronger hand amid the crisis. it becomes about what are we restoring? it's one that favors the democrats. >> ben, great to have you in the studio. thank so much. any time you come down to washington, you are welcome here here. >> thank you for having me on. >> bill: might get you on the phone from new york. we love people in the studios. come back and see us. buzz feed.com. i will tell you what the president is up to today. busy schedule. >> this is "the bill press show" live on your radio and current tv. [ music ] (vo) current tv gets the converstion started
. there was an agreement made a year-and-a-half ago that he would get a debt ceiling increase and there would be a $1.20 trillion cut. the super committee was supposed to put it together. they were supposed to prioritize. they were selects members of the congress who were supposed to prioritize. they did not do it. know when they might not do it, congress said we will put something in here that is so draconian and so stupid that nobody would let it happen. lo and behold, that is what we are dealing with. that is a sad state of affairs from the political process, a very sad state of affairs. now we come back and say, what should we do with sequestration? the president talks about cows balance and fairness. -- talks about balance and fairness. there was $4 in spending for every $1 in tax increases. as we went along, the discussion shifted. as election prospects rose and fell, the balance suddenly became $2 to $1. after the election, the talk was $1 to $1. after we saw the deal done, it was zero spending cuts for the tax increases. now we are hearing negative to $1. the president wants to counsel becaus
, a strong first half of the year, and something happened, usually out of washington, s&p downgrade, debt ceiling debate, take the pick, and we fell off the cliff. do you see that happening this year? >> after the election in germany this fall, yes, i expect things will be bad in the world economy. cheryl: you mentioned europe four times now. >> yeah, i mean, there's going to be a lot of good news, and she's got one of the largest economies in the world. her central bank in europe is printing money as well now. everybody's printing money. cheryl, it can't go on. it's artificial. it's a pool of par dies. if it's based on printing presses, that's a bad theme. cheryl: the lost decade. gym -- jim rogers, thank you very much. congratulations on the book. >> thank youings thank you, make that two lost decades. cheryl: that's right, thank you. dennis: the dow is now at 13999, but they will be right some day. all right, looks like the housing recovery could be for real. december home prices making the highest leap in six and a half years, this as a third of listings in some markets, washington, d
they a debt ceiling in may, sequester coming up anytime soon now. on the flipside though you are even suggesting will be some m&a activity going on this coming year. of course housing is looking really good. >> yeah. certainly there are a lot of key things working for the economy right now. housing one of them. certainly manufacturing. starting to really move and of course, you know the cheap energy that we enjoy. putting that all together we're certainly, you know, trying to head into what would be a, you know, a first year of an austerity year, right? we are going it see some government cutbacks with many so what of a running head start. so i think that is good news. like i said, we've seen some tax increases. i would like to see spending reports as a result of these new taxes. tracy: right. >> in place. we'll have to see how that works out. and of course then sequestration which, you know, paul ryan and other republicans are braced for going ahead and tripping over it. so that could amount to roughly a 3% cut in government spending. tracy: jack, actually i've been hearing more and
overseas. your push right now is getting it back home. >> with the fiscal cliff and debt ceiling and trying to get bipartisan, but over here is something called poverty, 50 million americans and racial disparity and cities collapsing and the like. i'm going to make the case we should build america an urban infrastructural bank for the purpose of long-term loans. we do it in europe and japan. and no other country charges people to repatriate their money once they pay taxes in that country. but we do. but if we, in fact, took a portion of that money, part for research and development and part of it for an institutional bank, you could do what banks are not doing, and that's invest in these downtrodden areas of our country. >> gillian, we've been talking about it for years, trillions of dollars sitting on the sidelines not coming back to america. how do we get it back here? >> almost $2 trillion. you've got average household earnings down over the past four years, poverty is up. we need this money working in our economy. how do we get it here? >> absolutely. i think the reverend's idea is very
, for this particular bridge on the debt ceiling, but we need to apply it to the broader budget and appropriations process. >> and the thing is, it's just -- democrats haven't produced a budget in the senate. they haven't voted for any of the president's own budget. there's the full screen now. >> you were in congress. budget sets policy, right? you don't have a budget, you don't have policy. >> that's what i don't understand because you get there in january. you get sworn in. and you know what the first four months are? battles over what's going to be in the budget. because you know when that budget falls in april, that's going to define who you are as a party, who you are as a congress, and who i am as an individual member whether i vote for that budget or vote against that budget. the fact that harry reid's senate and that harry reid himself has gotten in the way of a former really good budget chairman not passing a budget is shameful. and now you have the president saying, well, i'm against the sequester cuts. well, okay, great. what are you going to replace them with? i don't know. no specifi
consensus to keep kicking the can down the road. i think the debt ceiling went like groundhog day. it's like this time we're going to have this debate. then at midnight on new year's eve we pass a bill and give senators six minutes to reid it before it goes and we've now avoided the fiscal by kicking the can down the road which now we passed a bill to push off until may the reckoning for the debt ceiling. nobody has come to the table to try to fix things. i say the senate hasn't actually passed a budget. the president and democrats haven't passed a budget in four years. there is a fundamental inability for congress to do their job. you are supposed to pass a budget by april 15. you are supposed to reconcile all those bills by october. that hasn't happened in four years. instead we've had this crisis atmosphere where things are passed in the middle of the night and nothing gets done. >> we only look at law makers records as they pertain to gun related issues. the numbers in the house and numbers of the senate haven't changed so much from the previous congress but there are faces that haven't
, in washington over the past few months, our attention has been a cliff, ma on debt ceiling, budgets, deadlines, negotiations. all of this is extremely important because i don't think there's any substitute for getting our fiscal house in order. there's no greater moral imperative than to reduce the mountain of debt that is facing us, our children, and theirs. and are house republican majority stands ready for the president and his party to join us in tackling the big problems facing this country. but today, i'd like to focus really on what lies beyond fiscal debate. and over the next two years, our house majority will pursue an agenda that is based on a shared vision of creating the conditions of health, happiness, and prosperity for more americans and their family. and to restrain washington from interfering in those pursuits. we will advance proposals aimed at producing results in areas like education, health care, innovation, and job growth. our solutions will be based on the conservative principles of self-reliance, faith in the individual, trusting family, and accountability in government
, and then the european credit crisis, as well as d.c.'s own fight over the debt ceiling. and then we were set to take off, all of a sudden we saw a big tumble in the stock markets and we saw job growth go back down again. i believe in august 2011 the initial report was zero net jobs. now they eventually revised that up to 100,000, but still an amemic growth rate. host: we continue our conversation regarding the 157,000 jobs added in january in the unemployment rate back now at 7.9% with patrick rice of politico. donald from statesville, north carolina is our next caller. donald is on our line for republicans. caller: hey, how you doing. i'm calling from statesville, north carolina, and we got some bad news here. freight liner who was in cleveland, north carolina, is going to lay off 750 employees. trim systems that supported them, they're closing their plant, 65 employees down to two. but here's my question, you know. when they do these job numbers, lowe's down here is going to hire 45,000 part time workers. does that count in the job numbers? or those are not even included? host: sorry about that donald
and the democratic party. in terms of the debt ceiling deal, the fiscal cliff, the bipartisan senators who came together on immigration, which, aga again, that's kind of a rope thing in washington, d.c., but it's been absent for the last couple of years. when george w. bush was elected, no child left wind was a top domestic priority and you had a kind of gang of eight style thing. >> no child left behind just didn't happen. bush reached out to ted kennedy, and you worked the issue and -- >> sure. they worked on the recovery act. they want today recovery. >> they didn't work on the -- >> yes, they did. >> it was one of those ludicrous republican myths that obama didn't reach across the aisle. and ma myth is so foundational to a lot of republican thinking and i'm guessing to you and i it seems so divorced from reality that it's hard to even engage with, right, the idea that obama didn't attempt to genuinely attempt a bipartisan governing style. >> you can call it a myth. i think the proof is in the pudding. i think that this -- >> so you blame obama for the fact that there's this -- >> listen, i'
the debt ceiling deal. he is a fiscal conservative. at the same time, on an issue like immigration, because the personal becomes political in his case. he is looking at what is best for america in terms of bringing these folks, many of whom didn't come here, you know, on their own steam, came here as young children. these people are americans just the way his family was. i mean, turns out that his grandfather was an undocumented immigrant. and because of special legislation that we have regarding cubans, the 1966 cuban refugee law, you know, he was allowed to become a citizen. so he is the beneficiary of this. he knows that we, of course, are a nation of immigrants. i think it will move him more towards the middle and move him as a person who can reconcile left and right. >> speak offing of immigrants, what is the back story -- i know there was cloudiness early on about his story about his family, about his upbringing. what have you cleared up there? >> well, michael grunwald wrote our story, and he cites this biography of came out on rubio i believe last year which actually determined that
in august of 2011, we ended up passing the budget control act tied with the debt ceiling issue. and out of that, the administration -- through that, the administration proposed, president obama proposed a measure which was designed to force the congress to deal -- to step up to the plate and deal with the real problem. the real problem is a continued deficit spending at a level which we cannot begin to contemplate. which has to be addressed because it's accumulated year after year after year. we are now at the point where the clock is ticking at $16.5 trillion of debt that we have gotten into, up nearly $5 trillion in just the last four years. and the math clearly proves and history clearly shows that this is unsustainable, and this is the great challenge before this congress, to do what is necessary to get us on the right path to fiscal health before it all comes down. we had a warning shot fired across our bow in 2009 as to the disattorney generals in our economy and the consequences were grave -- distortions in our economy and the consequences were grave. we had warning shots fired a
. just quickly, he refused -- voted against raising the debt ceiling. he co-sponsored the old balanced budget amendment, which is a total shuck and jive. he signed the grover norquist finds. he backed florida's voter purge back to rick so -- backed rick scott in trying to get all of those people, a lot of them racial minorities off of the ballot in florida. he opposed federal action to heavy prevent violence against women act, extension of it t he believes employers should be able to deny birth control to their employees. he made some robo calls for an anti-hate group opposing same-sex marriage, marriage equality. and he doesn't believe in climate change. in fact, this week at the interview that he gave with buzzfeed's ben smith -- remember ben smith was in studio with us a couple of days talking about that interview, marco rubio said, on climate change he just thinks it's too expensive. >> number one, even if anything we would do on that would have a real impact on our economy, but probably if it's only us doing it, a very negligible impact on the envir
signed raises thebill that ceiling. the legislation temporarily the 16.4 trillion limit on federal borrowing. that prevents the u.s. and from defaulting on its debts. provisions a house republicans to temporarily withhold lawmakers' pay in either chamber that fails to produce a budget plan. the senate has approved a bill include security at u.s. embassies overseas, following the attacks in benghazi. than $1 billion for funds no longer needed in iraq would then fund that effort. the bill now goes to the house. 5:17. the big question is, how many pancakes and you think you can put away today > >> about 5. i want that many. >> i think that's about 11. let's check in with adam caskey, ihop int the alexandria. pancakes?ad some >> we are going to dig in this morning. day and the pancake day.nal weather person's you get a free short stack at ihop and it's for good cause. it's for charity. tell us about it. toyou have the opportunity leukemia lymphomas find a cure for blood cancer. we're hoping to raise $220,000. they've been raising money over last month and today is the hurrah. >> , tabr
Search Results 0 to 37 of about 38 (some duplicates have been removed)